17 Colony Rd, Lexington

Market Analysis for:

Janet West & Gordon Fletcher

Date: 3/30/2018

I've done a market analysis on your home at 17 Colony Rd in Lexington and have prepared this document to help explain how I've arrived at a price for your home. I perform a market analysis and calculate a price taking into consideration a home’s location, size, configuration, number of bedrooms and baths, lot size and general condition. I also scrutinize the home for issues that, in my experience, will impact the price of a home making it more or less valuable. Then, I look at your current competition - the other homes that buyers in your price range will be viewing, to help determine your price.

Contents

  1. Description of Home
  2. Market Dynamics
  3. Analysis of Relevant Properties
  4. Pricing Recommendation
  5. Marketing

Description of home

Please note that these comments do not relate to marketing, but are included purely to ensure that we have captured the information and reflect the major components of your home.

Your home is located in the desirable neighborhood of Merriam Hill in Lexington. This area appeals to buyers because of its proximity to Lexington Center, the Minuteman bikeway and is walking distance to all 3 schools. The home sits on a 0.74 acre lot. Your home was built in 1931 and was expanded and renovated since then. Your home has 5 bedrooms and 6.5 bathrooms with a 2 car garage.

Your  main entrance has been well defined entering up a set of stairs to the main front door.  As you enter the foyer area there is a coat closet off to right and a 3/4 glass door with views of the kitchen beyond. As you enter into the kitchen area you notice the L-shaped raised height breakfast bar, beamed ceilings, stainless steel appliances, granite counters, wood cabinets some of the uppers with glass fronts,desk area with glass uppers, access to the hall where the lower level access is. The kitchen is open plan to the family room which has lots of natural light with double french doors and a wood burning fireplace set into a brick chimney. A formal living room is to the right of the family room and down 1 step. Lots of built in cabinetry in the landing to the living room. The living room has lots of natural light with 2 walls of windows. To the left of the kitchen is the huge dining room with beamed ceiling and floor to ceiling windows on one side, with additional windows on the other side. Access to the large play room (or another family room) is from the dining room or from the kitchen end. Coffered ceilings, wood burning fireplace with white mantel and lots of light with multiple windows.  Accessible from both the living room via a french door and the hallway is an informal dining area with exterior access via a french door.

Upstairs you have a bedroom with its own full bathroom. The full bathroom has a shower, blue ceramic floor tiles, white ceramic wall tiles and blue trim, with a white vanity and solid surface counter. An adjacent bedroom has an attached full bathroom. This bathroom has a tub/shower, white/blue ceramic floor and wall tiles, white vanity with white solid surface counter. A stackable laundry unit is in a closet on the landing. Up a couple of stairs is a bedroom with 2 rooms perfect for those sleepovers. There is an attached bathroom with blue ceramic floor tiles, white ceramic wall tiles, tub/shower and white vanity with solid surface vanity top. Another bathroom is on this level with marble counter sink, white and blue ceramic wall tiles, shower. Another bedroom also on this level.

On the master bedroom wing over the garage you have the master bathroom with marble floor tiles, marble dual separate sink vanities, tiled tub and a tiled shower, full of light with multiple windows. The master bedroom is grand with a striking ceiling, and multiple closets, one of them containing an additional laundry. Consideration needs to be given to the master bedroom wing being separate from the family bedroom wing which will bother some families with small children where the desirable configuration is family bedrooms colocated with the master bedroom.  The fact that the original master bedroom is in the same wing as the family bedrooms is a bonus.

Access to the garage is via a half french door from the living room.

Downstairs in the lower level we have a landing with a half bathroom, and then continue on to the finished basement. The finished basement has a ceramic tile floor, with large rooms. There is a full bathroom in the lower level with ceramic floor and wall tiles, white vanity and tub/shower. There is a large storage/utility room, radon mitigation system.

According to public records there is 2182 sqft on the first floor, 1326 sqft on the second floor family bedroom wing, 648 sqft in the master bedroom wing above the garage, and the finished lower level having 1054 sq ft totaling 5210 sq ft. When you bought the home it was marketed as 5246 and when we get the floor plan done we will be able to verify the actual square footage to see if there is an additional 36 sq ft, but until then I will use 5210 sq ft as the living area sq footage in this analysis.  After having the floor plan drawn up, there is an additional approx 32 sq ft in the lower level than public record states, so we will use 5246 sq ft as the living area.

Your home has a new roof, central A/C in most of the house with high velocity and split systems, with window a/c in the master over the garage. Significant landscaping has been done since purchase, along with some painting and the floors have been refinished in the rooms over the garage.

There is a 2-car attached garage and 4 off-street parking areas.

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Market Dynamics

We have been experiencing shortages of housing inventory in Lexington over the last 5 years or so. There are always a number of buyers looking to buy in Lexington because of the strong school system, the community dynamics and vibrant downtown. People like the feeling of the downtown area, and want to stop and have a coffee, or have dinner at the many restaurants, or just watch the world go by, chatting with folks who are out and about. The Minuteman bike path and conservation areas close by pull those who desire an outdoor lifestyle while still remaining within commuting distance to Boston.

The Lexington market has seen increasing prices over the last few years given the limited inventory. The demand for homes in Lexington far outweighs the supply and each month a snapshot of available homes for sale shows the declining inventory levels.

Average prices in Lexington are well above average prices obtained in the peak of the market in 2005. Average single family home prices have been increasing steadily since 2009. The real estate market downturn that existed for the last few years is well and truly over and prices are continuing to increase each year.

Sales distribution statistics for single family homes show that the $1M-$1.5M price-range is the most active in Lexington. The next busiest price range in Lexington is the $1.5M - $2M price range. This is an indicator that new construction is having a significant impact on the average single family home prices in Lexington. The number of new construction homes being built in Lexington in 2013 was 55 homes, 70 homes in 2014, 71 homes in 2015, 66 homes in 2016, and 55 in 2017.

Before reviewing the price per sq foot charts it is important to throw in a caveat of using the average as the definitive guide. There is wide variability among agents as to what is included in the living area reported in MLS. In some instances, agents will include a finished component of the basement in the living area and this is acceptable so long as how the living area is calculated is disclosed. Others report the living area reported in public record, which never includes finished areas in the basement, but note in MLS that there is a finished basement. To this end, it is important to review each individual listing to determine the ‘true’ price per sq. ft. of above ground living area, but we also need to factor into this when a home has a finished basement.

Reviewing the price per sq. foot charts for single family homes shows us that the average price per sq. ft. in Lexington around the $1.5M-$2M price range is around $390 per sq. ft. It’s important to note that the maximum price per sq. ft. achieved varies across most price ranges, along with the minimum obtained for each price range.

When the year built in the 1930’s the average price per sq. ft. is $429.

The chart below shows that single family homes in Lexington of similar size to your home in the 5,000 square foot range, have an average price per square foot of $358 but it increases to $379 per sq. ft. when you decrease to the 4,000 square foot range. It is common across municipalities to see an increase in the price per square foot for smaller sized homes, as it reflects the minimum cost of a home in a town irrespective of the property size.

The chart below shows how many months’ supply of inventory there is in a given price range. It uses the assumption that given the same rate of sales over the prior 12 months, and considering current inventory available for sale, how many months it should take to sell the available inventory. This is referred to “Absorption” in the real estate world. 

Any price range where there is more than 7 months’ supply, we consider there to be an oversupply of inventory, also known as a ‘buyer’s market’. Anything between 4 – 6 months is considered a balanced market. Anything less than 3 months’ supply is considered a shortage of inventory on the market at this price range, also known as a ‘sellers’ market’. As can be seen, currently, absorption rates for all homes in the $1.5M-$2M price range are less than 1 month’s supply showing a severe shortage.

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Analysis of Relevant Properties

The following map shows the  homes that we believe to be of value in determining the price of your  home. Below the map you will find basic information  provided for each home including the price the home was  listed at, and the price the home sold at (if sold), the listing date, Days on market, Bedrooms, Bathrooms, living area size and lot size.  Noted for each home is a classification of Relevance which outlines whether we think the  property is valued Less (L), Relevant/Comparable (R) or Higher (H) than  your home. The notes for each home outlines the similarities and differences between  your home and the one being analyzed.

Your details: Living area 5246 sq ft | 5 beds | 6.5 baths | Lot size 0.74 acres | Built 1931 | 2 car garage

This colonial style home was built in 2001.  It is smaller than your home with 4,296 sq ft of approx living area including a finished lower level. Your home has 5,246 sq ft of approx  living area  which includes the lower level.  This home has the same number of bedrooms as your home, both having 5 bedrooms. It has 2 less bathrooms than your home, having 4 full and 1 half bathrooms. It sits on a smaller 0.31 acre lot whereas your home sits on a 0.74 acre lot.
The main level includes the living room which has coffered ceiling, wainscoting, picture windows, and hardwood floors. The formal dining area has bay windows, tray ceiling, wainscoting, and hardwood floors. The family room has a fireplace, vaulted ceiling with skylights, picture windows, hardwood floors, and has an open floor plan to the informal dining area and the kitchen. The informal dining area is full of light with 4 floor to ceiling windows and french doors. The kitchen has floor to ceiling cabinets, a breakfast bar island where the stove is located, quartz countertops, decorative backsplash to the ceiling, ceramic tile floors, stainless steel appliances, and an informal dining area. This area has an exterior access to the deck through sliding glass doors. The master suite is on the upper level with 3 more family bedrooms and 2 family bathrooms. The master bedroom has bay windows, an attached bathroom, walk in closet and hardwood floors. The attached master bathroom has double vanity sink with granite countertop and white cabinets. The 3rd level includes another bedroom with hardwood floors, and custom built ins, a bonus room with cathedral ceiling, custom built ins, and wall to wall carpet, and a full bathroom.
This home is located in the Follen Hill neighborhood. It has an attached 2 car garage and paved 6 car off street parking, and has hot water baseboard heating and central air cooling. It was listed for $1,799,000 and was sold at a lower price of $1,755,000.

Relevance: Less.  Given the smaller size of the home, the 2 less bedrooms, the smaller lot versus the superior condition of the home I believe your home will sell for more than this home.

Your details: Living area 5246 sq ft | 5 beds | 6.5 baths | Lot size 0.74 acres | Built 1931 | 2 car garage

This colonial style home was built in 1997.  It is smaller than your home with 3,982 sq ft of all above ground approx living area. Your home has 5,246 sq ft of approx  living area  which includes the lower level.  This home has 1 less bedroom than your home, having 4 bedrooms. It has 3 less bathrooms than your home, having 3 full and 1 half bathrooms. It sits on a smaller 0.27 acre lot in Merriam Hill whereas your home sits on a 0.74 acre lot.
As one enters under the portico into the 2 story foyer, you can go straight to the living room or to the left is the kitchen. The living room has a fireplace with white mantel, crown moldings, hardwood floors, and exterior access to the patio in the backyard through double French doors. The formal dining room has ceiling detail, crown moldings, wainscoting, triple windows, 2 built in china cabinets, and hardwood floors. The kitchen has a center island where the cooktop is situated, stainless steel appliances, stylish white cabinets, a pantry, an informal dining area which has triple windows that let in lots of natural light. The family room has a built in entertainment center, crown molding, double windows, hardwood floors, and French doors to the patio. There are 2 master suites, 1 on the first floor and 1 on the second floor. The master suite on the first floor has a walk in closet, crown moldings, triple windows, hardwood floors, and an attached master bath. The master bathroom has ceramic floor tiles and countertop, shower stall, triple windows, and a Jacuzzi. On the second floor are 3 more bedrooms with wall to wall carpet, one of them a second master suite. The second master suite has a cathedral ceiling, attached full bathroom and a walk in closet. Another bedroom has triple windows and decorative crown moldings.
This home has an attached 2 car garage and 4 car off street parking, and has forced air heating and central air cooling. It was listed for $1,649,000 and with competition was sold at a higher price of $1,760,000.

Relevance: Less. Given the smaller size of the home, smaller lot, less bedrooms and 3 less bathrooms I believe your home will sell for more than this home.

Your details: Living area 5246 sq ft | 5 beds | 6.5 baths | Lot size 0.74 acres | Built 1931 | 2 car garage

This saltbox colonial style home was built in a similar vintage as your home in 1929.  It is smaller than your home with 4,366 sq ft approx living area which includes a finished lower level. Your home has 5,246 sq ft of approx  living area  which includes the lower level.This home has 1 less bedrooms than your home, having 4 bedrooms. It has 3 less bathrooms than your home, having 3 full and 1 half bathrooms. It sits on a smaller 0.50 acre lot in Merriam Hill whereas your home sits on a 0.74 acre lot.
Entry to the foyer is through a vestibule and the main level has a partially open floor plan with entries through cased openings. The living room has a fireplace with granite facing and white mantel, crown molding, picture windows, hardwood floors, and exterior access to the deck through sliding glass doors. The formal dining room also has crown molding, picture windows, hardwood floors, and has access to the kitchen through a butler’s pantry. The family room is accessible from the living room through a sitting room which has custom built ins and exterior access to the deck through its sliding glass doors. The family room has a fireplace, cathedral ceiling, picture windows, wall to wall carpeting on hardwood floors, custom built ins, and exterior access to the deck through sliding glass doors. The kitchen has a breakfast bar island, granite countertops, ceramic tile backsplash, stylish cabinets, pantry, high end stainless steel appliances, picture windows, hardwood floors, and exterior access to the deck through sliding glass doors and access to the mudroom.
The master suite is on the second floor with 3 more family bedrooms and 1 family bathroom. The master bedroom has cathedral ceiling, large windows and round window, an attached bathroom, and hardwood floors. The attached master bathroom has double vanity sink with granite countertop and white cabinets, and shower stall with glass door and wall. The finished lower level serves as a recreation room and an office and has wall to wall carpeting.
This home is located in the Merriam Hill neighborhood. It has an attached 2 car garage and paved 4 car off street parking, and has hydro air heating and central air cooling. It was listed for $1,875,000 and was finally sold at a lower price of $1,782,860 a total of 93 days on the market.

Relevance: Less. Given the smaller size, smaller lot size, 3 less bathrooms I believe your home will sell for more than this home.

Your details: Living area 5246 sq ft | 5 beds | 6.5 baths | Lot size 0.74 acres | Built 1931 | 2 car garage

This gambrel colonial style home was built in 1915.  It is smaller than your home with 3,700 sq ft of all above ground approx living area. Your home has 5,246 sq ft of approx  living area  which includes the lower level. This home has the same number of bedrooms as your home, both having 5 bedrooms. It has 2 less bathrooms than your home, having 4 full and 1 half bathrooms. It sits on a smaller 0.39 acre lot in equally desirable Munroe Hill whereas your home sits on a 0.74 acre lot.
The home has great curb appeal and as you walk in the front door you have the formal dining room which has chair rails, picture windows, crown molding, and hardwood floors. The living room has a fireplace with white mantel and granite facing, coffered ceiling, crown molding, hardwood floors, and French doors separating it from other rooms. It is adjacent to a small gameroom and to a small office whose entries are on each side of the fireplace. The family room has an open floor plan with the kitchen. The family room has a fireplace with stone facade, custom built ins, crown molding, and hardwood floors. The kitchen has a 2-tier breakfast bar island with a second prep sink, granite countertops, ceramic tile backsplash, high end stainless steel appliances, custom built oak cabinets, crown molding, hardwood floors, an office nook with custom built ins, an informal dining area which has access to the pergola leading to the patio, and a pantry which has access to the mudroom and the bathroom. The family bedrooms are on the second floor including the master suite. The master bedroom has a cathedral ceiling, crown molding, hardwood floors, walk in closet and an attached bathroom. The attached bathroom has double vanity sink, granite countertop, and white cabinets, shower stall and tub. There are 2 more bedrooms with attached bathrooms and walk in closets. The family bathroom on this level has double vanity sink, granite countertop, and white cabinets and is shared by 2 adjacent bedrooms. The backyard is nicely done with a patio and a sport court.
This home is located in the Munroe Hill neighborhood. It has a detached 2 car garage and paved 5 car off street parking, and has hot water baseboard, and hot water radiator heat and central air cooling. It was listed for $1,795,000 and sold for $1,790,000.

Relevance: Less. Given the smaller size, 2 less bathrooms, smaller lot, similar location I believe your home will sell for more than this home.

Your details: Living area 5246 sq ft | 5 beds | 6.5 baths | Lot size 0.74 acres | Built 1931 | 2 car garage

This gambrel colonial style home was built in a similar vintage as your home in1929.  It is a similar size to your home with 4,574 sq ft of all above ground approx living area and is not including the finished lower level. Your home has 5,246 sq ft of approx  living area  which includes the lower level. This home has 1 more bedroom than your home, having 6 bedrooms. It has 2 less bathrooms than your home, having 4 full and 1 half bathrooms. It sits on a smaller 0.37 acre lot in Merriam Hill whereas your home sits on a 0.74 acre lot.
The home is a classic center entrance colonial which are very popular with buyers. The living room has a fireplace, decorative crown molding, wainscoting, triple windows, custom built ins and hardwood floors. It has access to the sunroom through 2 french doors on either sides of the fireplace. The sunroom has crown molding, and wall to wall carpeting. The formal dining room also has decorative crown molding, wainscoting, built in china cabinet, triple windows, and hardwood floors. The kitchen is simply stunning with a 2-tier breakfast island bar where the high end stove is situated in between 2 large columns. It also has granite countertops, stylish white cabinets which extend to the ceiling, high end stainless steel appliances, crown molding, hardwood floors, and lots of custom built ins with glass panels, a custom informal dining table attached to the granite center island, and is open to the large mudroom which is adjacent to the main level half bathroom. It has an open floor plan with the family room through half height built ins with massive columns faming the family room entry. The family room has crown molding, lots of built ins, hardwood floors, and exterior access to the backyard deck and the front deck through french doors. The office which is accessible from the family room also has access to the front deck through triple french doors, has lots of custom built ins, crown moldings, and ceramic tile floors and is full of light. The second floor includes 3 family bedrooms and the master suite. The master bedroom has a walk in closet, an attached bathroom, crown molding, double windows, and hardwood floors. The master bathroom is stunning with custom built ins, double sink vanity with marble countertop, a shower stall, marble flooring, whirlpool soaking tub, and lots of windows. There are 2 bedrooms that share a jack and jill bathroom and they both have hardwood floors. A second office is also on the second floor and it has lots of built ins and has hardwood floors. There are 2 more bedrooms with vaulted ceiling and a full bathroom on the third floor.
This home is also located in the  Merriam Hill neighborhood. It has an attached 2 car garage and 5 car off street parking, and forced air heat and central air cooling. It was initially listed for $2,025,000 but price was dropped to  $1,950,000 after being on the market for more than 2 months before it went under agreement and was sold for $1,825,000.

Relevance: Relevant, but higher. Given the popular traditional style of the home, superior condition, similar size, extra bedroom, 2 less bathrooms I believe once all of the factors are considered this home is relevant to your home but may sell higher.

Your details: Living area 5246 sq ft | 5 beds | 6.5 baths | Lot size 0.74 acres | Built 1931 | 2 car garage

This was our listing. This craftsman style home was built in 1997.  It is smaller than your home with 4,544 sq ft approx living area which includes the finished lower level. Your home has 5,246 sq ft of approx  living area  which includes the lower level.  This home has 1 less bedroom than your home, having 4 bedrooms. It has 3 less bathrooms than your home, having 3 full and 1 half bathrooms. It sits on a smaller 0.35 acre lot in Merriam Hill whereas your home sits on a 0.74 acre lot.
As you enter the home, the living room is on the right of the foyer through double French doors. It has picture windows, a fireplace with white mantel and marble facing, crown molding, chair rails, picture windows, and hardwood floors. It has an open floor plan to the office connected through an entry with half wall with columns. The office has custom built in desk area, hardwood floors, cathedral ceiling, picture windows with a round accent window above. To the left of the foyer is the kitchen with center island, a 2-tier peninsula breakfast bar, stainless steel appliances, granite countertops, decorative ceramic tile backsplash, stylish cabinets and built in china cabinetry, and access to the mudroom. It has an informal dining area and is open to the family room. The informal dining area has an exterior access to the patio via double glass doors and bay window which allow lots of natural light in. The family room has a coffered arched ceiling, a fireplace with white mantel, exterior access through 2 glass doors on either sides of the fireplace, and a built in entertainment center. The formal dining room is accessible from the family room through double french doors and it has chair rails, crown molding, picture windows, custom built ins with glass panels and pass through window, and hardwood floors. The dining room is located poorly on the first floor. The master suite is on the upper level and has an attached master bathroom and a large walk in closet accessed via double French doors. The master bedroom has a tray ceiling, hardwood floors, the bathroom has cathedral ceiling, picture windows with large accent window above, ceramic floor tiles and ceramic tile walls, white cabinets, shower stall, and Jacuzzi. On the same level are 3 more family bedrooms and a family bathroom. One bedroom has a cathedral ceiling with skylight. The family bathroom has double vanity sink and white cabinets but is a little dated. The lower level is finished with ceramic floor tiles and has a wood burning fireplace with white mantel and brick facing. Also in the basement is a recreation room with a wet bar and prep sink, a gym, a bonus room and a full bathroom.
This home is also located in the Merriam Hill neighborhood. It has an attached 2 car garage and 4 car off street parking, and hot water baseboard heat and central air cooling. It was initially listed for $1,899,000 but we changed the price to $1,879,000 before it went under agreement and sold for $1,830,000.

Relevance: Relevant, but higher. Given the slightly smaller size, less bedroom and bathrooms, smaller lot but in a superior location in Merriam Hill, more traditional layout in the home and some superior finishes I believe that once all factors are considered this home is relevant to your home but it should sell for higher.

Your details: Living area 5246 sq ft | 5 beds | 6.5 baths | Lot size 0.74 acres | Built 1931 | 2 car garage

This contemporary style home was built in 2012.  It is larger than your home with 6,234 sq ft of approx living area including the finished lower level. Your home has 5,246 sq ft of approx  living area  which includes the lower level. This home has the same number of bedrooms as your home, both having 5 bedrooms. It has 1 less bathroom than your home, having 5 full and 1 half bathrooms. It sits on a smaller 0.48 acre lot in a desirable area whereas your home sits on a 0.74 acre lot.
From the foyer, the formal areas have very high ceilings and extensive millwork in the home. The living room is on the right and it has a fireplace with granite facing and white mantel, crown molding, double windows, wainscoting, and hardwood floors. The family room is adjcacent to the living room and has custom built ins, crown molding, and hardwood floors, and it has an open floor plan with the kitchen and an exterior access to the deck. The kitchen and the informal dining area has a unique arrangement. The kitchen has a beamed cathedral ceiling with skylights, custom built ins, pantry, breakfast bar island, granite countertops, high end stainless steel appliances, picture windows and transom, and open to the lower level. It has exterior access to the patio that leads to an inground pool in the backyard. The formal dining room is open to the kitchen via a hallway, and french doors from the hallway and has crown molding, triple windows, wainscoting, and hardwood floors. This level has an office which is accessible through french doors and it has custom built ins, crown molding, picture windows, and hardwood floors. This home has 2 master bedrooms and one of them is on the main level. The master bedroom on this level has an attached bathroom, walk in closet, crown molding, and hardwood floors. The attached master bathroom has double vanity sink, with granite countertops, a cathedral ceiling, picture windows, a shower stall with frameless glass door, and jacuzzi. The second floor has the family bedrooms and the 2nd master suite. The master bedroom on  this level has a sitting room, 2 walk in closets, an attached bathroom, crown molding, and hardwood floors. The attached master bathroom is stunning and has double vanity sink, granite countertop, shower stall with frameless glass door, and jacuzzi. There are 2 family bedrooms each with renovated attached bathrooms and walk in closets. The finished lower level includes a recreation room, the mud room, a media room which has a fireplace, a kitchenette, and a full bathroom with sauna. This home has handicap access including an elevator.
This home has an attached 2 car garage and  4 car off street parking, and forced air heat and central air cooling. It was initially listed for $1,998,000 but price dropped a couple of times before it went under agreement and finally sold for a lower price of $1,925,000.

Relevance: Higher. Given the larger size, superior condition, stunning cathedral ceilings with multiple skylights between the beams I believe this home will sell for more than your home.

Your details: Living area 5246 sq ft | 5 beds | 6.5 baths | Lot size 0.74 acres | Built 1931 | 2 car garage

This home is our listing and is currently under agreement. It is a completely renovated in 2009 and expanded dutch colonial on one of the most desirable streets of Merriam Hill built in 1927.   It is smaller than your home with 4676 sq ft of approx living area including the finished lower level. Your home has 5,246 sq ft of approx  living area  which includes the lower level.  This home has 1 less  bedroom than your home, having 4 bedrooms. It has 2.5 less bathrooms than your home, having 4 full bathrooms. It sits on a smaller 0.32 acre lot in Merriam Hill whereas your home sits on a 0.74 acre lot also in Merriam Hill.
From the foyer accessed under the portico, the formal areas are at the front of the home and we have the dining room off to the left, the front to back living room is on the right and it has a fireplace with granite facing and white mantel, crown molding, double windows, and hardwood floors. Two single french doors framing the fireplace lead into a sunroom with a tall ceiling and walls of windows. The kitchen is a gloss red kitchen with high end appliances, stunning features, breakfast bar peninsula, double granite countertops and is open plan to the central open staircase and family room. The family room is adjacent to the central stair well and it has an open floor plan with the kitchen and 2 forms of exterior access to the huge wraparound deck. There is a stunning half bath also on this level.
Upstairs via the central stairwell or the original set of stairs are the master suite, 2 family bedrooms, laundry room, office, family bathroom. The family bathroom is newly renovated with a double sink vanity, separate toilet and shower/tub. The master suite is stunning with a walk in closet, and a stunning spa bath with a huge walk in shower with pebble floor and wall, marble seat, marble walls, double sink vanity with tigerwood. On the third floor is a large bedroom & sitting room and a ladder up to the widows walk. Down in the lower level accessed via the central staircase you have a side entry with slate floor, media room with projector, full bathroom, gym with double french doors leading out to the backyard. From the side entry you have access to the attached 2 car garage and  8 car off street parking, and baseboard heat and central air cooling. It was listed for $1,832,000 and we had 2 offers on the home and it has sold for $1,925,000.

Relevance: Higher. Given the superior condition, similar location, traditional layout but very open plan living areas I believe this home will sell for more than your home.

Your details: Living area 5246 sq ft | 5 beds | 6.5 baths | Lot size 0.74 acres | Built 1931 | 2 car garage

This colonial style home was built in 2011.  It is larger than your home with 5,888 sq ft of approx living area including a finished lower level. Your home has 5,246 sq ft of approx  living area  which includes the lower level.  This home has 1 more bedroom than your home, having 6 bedrooms. It has the same number of bathrooms as your home, having 6 full and 1 half bathrooms. It sits on a smaller 0.45 acre lot in a popular area whereas your home sits on a 0.74 acre lot.
Upon entry to the foyer from the farmers porch, the living room is on the right. The living room has crown moldings, hardwood floors, and has access to the formal dining room through french doors. The formal dining room has tray ceiling, crown molding, double windows, wainscoting, and hardwood floors. The family room has a fireplace with marble facade to the ceiling, crown molding, hardwood floors, exterior access to the deck through sliding doors, and has an open floor plan with the informal dining area and the kitchen defined by columns. The kitchen is stunning and has a breakfast bar island, granite countertops and backsplash, coffered ceiling over the island, crown molding, cherry cabinets with built in china cabinets, picture window with transom, and hardwood floors. It has bay windows by the informal dining area and an adjacent half bathroom through the mudroom. The main level also has a bedroom which has an exterior access to the wrap around porch and has an attached full bathroom. The second floor includes 3 family bedrooms and the master suite. The master bedroom has custom built ins, walk in closet, an attached bathroom, skylights, double windows, and hardwood floors. The master bathroom has custom built ins, double sink vanity with granite countertop, a shower stall with marble wall tiles, marble flooring, and jacuzzi. There are 2 bedrooms each with an attached bathroom and they both have hardwood floors. An office is also on the upper level and it has lots of built ins and has hardwood floors. The 3rd level has a bedroom with walk in closet, custom built ins, hardwood floors, and an attached bathroom. The finished lower level is a recreation room which has a fireplace with custom built ins and transom windows on either sides, crown molding, hardwood floors, a wet bar with beverage fridge, granite countertop, ceramic tile backsplash, and cabinets with glass panels, and another peninsula bar with wine rack. This level is accented with half height walls with columns and has a full bathroom. The lower level is stunning.
This home has an attached 3 car garage and  4 car off street parking, and forced air heat and central air cooling. It was listed for $1,989,000, went under agreement and sold lower than the listing price, for $1,948,000.

Relevance: Higher. Given the larger size and superior condition, extra bedroom, 3 car garage, I believe this home will sell for more than your home.

Your details: Living area 5246 sq ft | 5 beds | 6.5 baths | Lot size 0.74 acres | Built 1931 | 2 car garage

This shingle style colonial home was built in 1915.  It is larger than your home with 5,758 sq ft of all above ground approx living area excluding a finished lower level. Your home has 5,246 sq ft of approx  living area  which includes the lower level. This home has the same number of bedrooms as your home, both having 5 bedrooms. It has 2 less bathrooms than your home, having 4 full and 1 half bathrooms. It sits on a smaller 0.53 acre lot in a very desirable area whereas your home sits on a 0.74 acre lot.
Upon entry to the foyer from the farmers porch, the living room is at the end of the hall. It has a fireplace with brick facing and white mantel, crown molding, bay window overlooking the deck, and hardwood floors. The formal dining room is on the right from the foyer and it has crown molding, hardwood floors, exterior access to the covered porch, and access to the kitchen. The kitchen has a breakfast bar peninsula, all white appliances, white cabinets with some glass panel doors, hardwood floors, bay window by the informal dining area, and exterior access to the deck, and an attached half bathroom. The family room also has a fireplace with marble facing and white mantel, has a cathedral ceiling, custom built ins, hardwood floors, and has access to the mudroom. The main level also includes a study with custom built ins, crown molding, and hardwood floors. The second floor includes 3 family bedrooms, a family bathroom,  and the master suite. The master bedroom has a large walk in closet, an attached bathroom,crown molding, triple windows, and hardwood floors. The master bathroom has double vanity sink with granite countertop and white cabinets, a shower stall with frameless glass door. This level also has a sitting room with access to the second level deck and custom built ins. The 3rd level has 2 more bedrooms and one of them has an attached bathroom. This home has mostly hardwood floors including all the bedrooms. The lower level is finished and has not been included in the living area for the home. It has a full walkout basement onto an expansive backyard.
This home is located in the Monroe Hill neighborhood. It has an attached 2 car garage and paved 4 car off street parking, and forced air heat and central air cooling. It was listed for $1,999,000 and was sold lower than its listing price, for $1,965,000.

Relevance: Higher. Given the much larger size of the home, superior curb appeal I believe it will sell for more than your home.

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Pricing Recommendation

My analysis of the relevant homes outlined above suggests a final market value for your home of $1,780,000-$1,820,000.  I've adjusted this down slightly given our experience with 7 Apollo Circle which is larger than your home, similar condition, traditional layout, on a cul de sac. It is priced at $1,799,000 and is not moving.

Given the current market dynamics in Lexington, I would suggest listing your home at the lower end of this price range to attract more interest and to not overprice the home.  If the market deems your home to be worth more than the list price, then the price will be pushed over the market value of your home, and sometimes well over when we get multiple offers.  An example of competition pushing a price higher is at 8 Patriots Dr which came on the market for $1,649,000 and sold for $1,760,000.  

When homes are overpriced they end up sitting on the market and ultimately selling for less than market value, whereas homes priced realistically can often sell for well over market value. An example of a home being overpriced is the home at 59 York Rd which came on the market overpriced and ended up selling below its market value.  The challenge with overpricing is that the buyers are very educated – they go week after week to see homes in their price range so they KNOW what the prices are and what ‘feels’ right.  

I have to stress that these are recommendations. We would bring your home on the market at whatever price you deem to be appropriate.  

When determining the right price - it all depends on your motivation and your risk tolerance level. We know that homes that are priced at the 'strike price' will sell quicker and may generate more than one offer.  I’m an excellent negotiator and know how to push a price up if we have the market activity. I also know that some sellers want to put their home on for a higher price than I might recommend, which I’m willing to do, so long as it is understood that putting the home on for more than the majority of buyers perceive its value, could mean that your home will have a much longer market time and sell for less than it should have had it been priced properly out of the gate.

I DO NOT DETERMINE THE PRICE - the market dictates the value - what a buyer is willing to pay. My job is to make sure that you have the best market exposure and that your home is positioned well in the market.   I do not believe in projecting more money than I think your home will sell for just to get your business.

My team and I know how to stage and market your home, and I understand its value, but I can only sell it for what the market or a buyer will pay. I strongly believe that a home should be priced compared to the current competition, not just on what has sold in the last six months.  At the end of the day, you will be competing for the buyers looking for a home like yours and in the same price range. You can do far more 'damage' to the resultant price we get for your home if we overprice. The prospective serious buyers will see your home within the first weekend of your home coming on the market, and they will have seen everything else in this price range.  In other words, the serious buyer knows what is priced well.  If they don't see value in your home at its listing price and are not motivated to make an offer, then they will move on and keep looking.  In times of increasing prices, it is often hard to predict what a home will sell for, but be assured that even if we price your home lower than what market value is currently, market dynamics will bring the price of the home up to where it should be.  Prospective buyers should walk in thinking the price 'feels right' and are motivated to make an offer in the short term, rather than letting several months’ pass.

It is important to stress the value of marketing your home to capture the highest price.  In times of low inventory, we know your home will sell by doing the bare minimum to market it, BUT that is not going to get you the maximum price for your home.  Key to getting the maximum price for your home is to prepare a comprehensive marketing plan that incorporates all avenues available to us to expose your home to the maximum number of buyers out there looking.  Exposure, and feet in the door, is what will get you the highest price for your home. Basic ratios help explain this.  If 10% of the buyers who walk in your door fall in love with your home, then if you only have 10 buyers walking in, then potentially there is only 1 buyer - if you have 100 buyers walking in your door then using the same ratios, you will potentially have 10 buyers falling in love with your home.  10 buyers will push the price up versus only one buyer.

Given the price point you are at your home would be categorized as a RE/MAX Collections home, which is the Luxury home brand for RE/MAX. For the first Open House we would organize to have a pianist come in to play, and food for Open House guests. We would market it as our Signature Open House. The aim is to have an ‘event’ of your Open House and get serious buyers seeing the home with as many people as we can to stimulate activity and excitement for the home. In addition to this we do additional marketing for our Collections listings and can be reviewed below.

 New statistics state that over 100% of potential buyers search the web as their primary search vehicle.  Thankfully, your home will show fabulously in photos. With historically low interest rates likely to increase and inventory at a 7-year low, there are still homes that do not sell in this market.  I’m making my recommendations to ensure that you are one of the sellers who will have success in the first month of being on the market, but optimally the first weekend.

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So, what is our Marketing Plan? 

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 Because your home is a Luxury home, we offer additional marketing on top of the standard marketing seen above.

Marketing our Luxury homes

Additional marketing occurs when the home is a Collections listing.   RE/MAX Collecti...

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We look forward to working with you!   Please reach out if you have any questions at all about this market analysis or our plans to market your home! 

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